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 It's all in the details
Posted by  Yoli/CA on 1/30/24 12:46pm

Just a friendly reminder to please go over the important little details with your signers. Not only the numbers but also the vesting.

Had an IPEN refinance signing yesterday morning. FHA streamline with Rocket via Amrock. We get to the Deed of Trust and I read out the vesting to them: His Name and Her Name, husband and wife. WRONG! Mr. B stops me and says it should be His Name and Her Name, husband and wife as community property with rights of survivorship. He says that's what their original DOT states and that's what they want. He pulled out his original DOT and sure enough. I ask him to call his LO as I'm calling Amrock (let's see who gets ahold of someone first). He gets his LO, explains the situation and emails him a screen shot of the original DOT. LO instructs to proceed with signing as is and DOT will be corrected per borrowers' demands. This vesting could make a tremendous difference insofar as probate and taxes in the event of death of either borrower. If this discrepancy hadn't been caught now, who knows when, if ever.

This signing prompted several calls to LO for 3 discrepancies.

1. Instructions read borrowers were wiring funds short to close. Nope. Borrowers had given authorization and details for ACH withdrawal from their checking account. First call confirmed ACH authorization.

2. DOT vesting. To be corrected.

3. Mailing address is not same a property address. To be corrected to PO Box.

Doesn't matter is we're doing an IPEN or a hybrid or a traditional paper signing or a RON (for those allowed), it's important to go over the details.

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